According to study, “Europe Payment Security Market (2018-2023)” some of the major companies that are currently working in Europe payment security market are PayPal ThreatMark, Ingenico Group, Securion Pay, Skrill, Elavon, ClearXchange, Google Wallet, Dwolla, Square, Ribbon.
The payments industry is adding a significant movement of the infrastructure revolutions, which is essential to compete professionally with non-bank innovators and progress the customer requirements. In the past few years, the major economically driving countries have updated their payment systems and new developing economies are scheduling to upgrade it further. Digital payments aid merchants in maintaining agreement with other third party companies which is further anticipated to bolster the growth of the payment security market. The rising security concern to drive the payment security with the use EMV chips cards in the online stores and brick and mortar locations in are the major targets for the cyber frauds and data forgeries. The Payment security is a security advance that relies on several layers of analytics, technology and security practices to defend the payment system & reduce the frauds. It is further classified into mobile payment security software, online payment security software and security & point-of-sale (PoS) systems.
On the basis of components, the market is segmented into solutions and services. Solution market is sub-segmented into tokenization, encryption, fraud detection and prevention. The services market is sub-segmented into support services, integration services, and consulting services. On the basis of application, the market is segmented into retail, BFSI, healthcare and government divisions. In addition, on the basis of end user, the market is segmented into travel & hospitality, retail, healthcare, education, IT and telecom, media & entertainment, and others.
The Europe payment security is mainly driven by increased emphasis of safer & shorter transaction time, rapid adoption of mobile biometrics, security vulnerabilities in third-party mobile payment provides increased security breaches. The shift towards cashless economy is also influencing the growth substantially, as non-banking players to adopt various cashless transaction platforms, digital wallets, mobile money, and virtual currencies. Overall, the future of the global payment security software market to look bright. However market also faces the key challenges of the strict government regulations, execution of innovative security solutions, competitive rivalry among existing competitors and retailer payment policies.
Nowadays, banks also started using technologies and upgrading the initiatives of blockchain, open Application Program Interfaces (API), instant payments & mobile wallets, which are accountable for boosting customer experience and increasing the demand for the payment security. In addition, some government regulations like Payment Services Directive (PSD2) is responsible for rising implementation of open Application Programming Interface (APIs).
Europe is the one of the largest payment security market owing to foremost contribution from the France, UK, Germany, and Spain. The region is the leading revenue caused by increasing demand of online payment security which distinguishes the fault analysis of the system. It is anticipated that this market to grow by US$ 7.1 billion, at a CAGR of 14.7 %, by 2023. In near future, it is predicted that the market to boost due to rising security concern and rising demand of e-commerce services by implementations of Europay Mastercard and Visa (EMV).
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